What term describes the total value of everything you own minus what you owe?

The term that describes the total value of everything you own minus what you owe is known as net worth. Net worth is calculated by taking your total assets, which include things like cash, real estate, investments, and personal belongings, and then subtracting your total liabilities, such as debts and loans. This calculation provides a clear picture of an individual's financial standing, indicating how much wealth they possess after settling all outstanding obligations. It serves as a useful measure for both personal finance assessment and goal setting for future financial growth.

Gross income refers to total earnings before taxes and deductions, while a credit score is a numerical expression of your creditworthiness based on your credit history. Asset value generally refers to the worth of specific assets, not the overall financial position represented by net worth.